Intrinsic value of PriceSmart - PSMT

Previous Close

$85.95

  Intrinsic Value

$51.09

stock screener

  Rating & Target

sell

-41%

Previous close

$85.95

 
Intrinsic value

$51.09

 
Up/down potential

-41%

 
Rating

sell

We calculate the intrinsic value of PSMT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.64
  3.70
  3.83
  3.95
  4.05
  4.15
  4.23
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.63
  4.67
  4.70
  4.73
  4.76
  4.78
  4.80
  4.82
  4.84
  4.86
  4.87
  4.88
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
Revenue, $m
  2,905
  3,012
  3,128
  3,251
  3,383
  3,523
  3,672
  3,831
  3,998
  4,176
  4,364
  4,562
  4,772
  4,993
  5,226
  5,472
  5,731
  6,003
  6,290
  6,593
  6,911
  7,245
  7,597
  7,967
  8,357
  8,766
  9,196
  9,648
  10,123
  10,622
  11,147
Variable operating expenses, $m
 
  2,856
  2,965
  3,082
  3,207
  3,339
  3,481
  3,630
  3,789
  3,957
  4,135
  4,319
  4,518
  4,727
  4,948
  5,180
  5,425
  5,684
  5,956
  6,242
  6,543
  6,860
  7,193
  7,543
  7,912
  8,299
  8,706
  9,134
  9,584
  10,057
  10,554
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,768
  2,856
  2,965
  3,082
  3,207
  3,339
  3,481
  3,630
  3,789
  3,957
  4,135
  4,319
  4,518
  4,727
  4,948
  5,180
  5,425
  5,684
  5,956
  6,242
  6,543
  6,860
  7,193
  7,543
  7,912
  8,299
  8,706
  9,134
  9,584
  10,057
  10,554
Operating income, $m
  137
  157
  163
  169
  177
  184
  192
  200
  209
  219
  229
  243
  254
  266
  278
  291
  305
  320
  335
  351
  368
  386
  404
  424
  445
  467
  490
  514
  539
  566
  593
EBITDA, $m
  177
  199
  207
  215
  223
  233
  242
  253
  264
  276
  288
  301
  315
  330
  345
  361
  378
  396
  415
  435
  456
  478
  502
  526
  552
  579
  607
  637
  668
  701
  736
Interest expense (income), $m
  5
  4
  4
  5
  6
  7
  8
  9
  10
  12
  13
  14
  16
  17
  19
  21
  23
  24
  26
  29
  31
  33
  36
  38
  41
  44
  47
  50
  53
  57
  60
Earnings before tax, $m
  131
  153
  158
  164
  170
  177
  184
  191
  199
  207
  216
  229
  238
  248
  259
  271
  283
  295
  308
  322
  337
  353
  369
  386
  404
  423
  443
  464
  486
  509
  533
Tax expense, $m
  43
  41
  43
  44
  46
  48
  50
  52
  54
  56
  58
  62
  64
  67
  70
  73
  76
  80
  83
  87
  91
  95
  100
  104
  109
  114
  120
  125
  131
  137
  144
Net income, $m
  89
  112
  116
  120
  124
  129
  134
  139
  145
  151
  157
  167
  174
  181
  189
  198
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  323
  339
  355
  371
  389

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  200
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,097
  930
  966
  1,004
  1,044
  1,088
  1,134
  1,183
  1,234
  1,289
  1,347
  1,409
  1,473
  1,541
  1,613
  1,689
  1,769
  1,853
  1,942
  2,035
  2,134
  2,237
  2,346
  2,460
  2,580
  2,706
  2,839
  2,979
  3,125
  3,280
  3,442
Adjusted assets (=assets-cash), $m
  897
  930
  966
  1,004
  1,044
  1,088
  1,134
  1,183
  1,234
  1,289
  1,347
  1,409
  1,473
  1,541
  1,613
  1,689
  1,769
  1,853
  1,942
  2,035
  2,134
  2,237
  2,346
  2,460
  2,580
  2,706
  2,839
  2,979
  3,125
  3,280
  3,442
Revenue / Adjusted assets
  3.239
  3.239
  3.238
  3.238
  3.240
  3.238
  3.238
  3.238
  3.240
  3.240
  3.240
  3.238
  3.240
  3.240
  3.240
  3.240
  3.240
  3.240
  3.239
  3.240
  3.239
  3.239
  3.238
  3.239
  3.239
  3.239
  3.239
  3.239
  3.239
  3.238
  3.239
Average production assets, $m
  453
  470
  488
  507
  528
  550
  573
  598
  624
  651
  681
  712
  744
  779
  815
  854
  894
  937
  981
  1,028
  1,078
  1,130
  1,185
  1,243
  1,304
  1,367
  1,435
  1,505
  1,579
  1,657
  1,739
Working capital, $m
  145
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
Total debt, $m
  105
  89
  106
  124
  143
  164
  186
  209
  234
  260
  287
  316
  347
  380
  414
  450
  488
  528
  570
  615
  662
  711
  762
  817
  874
  934
  997
  1,064
  1,134
  1,207
  1,284
Total liabilities, $m
  459
  443
  460
  478
  497
  518
  540
  563
  588
  614
  641
  670
  701
  734
  768
  804
  842
  882
  924
  969
  1,016
  1,065
  1,116
  1,171
  1,228
  1,288
  1,351
  1,418
  1,488
  1,561
  1,638
Total equity, $m
  638
  487
  506
  526
  547
  570
  594
  620
  647
  676
  706
  738
  772
  808
  845
  885
  927
  971
  1,018
  1,067
  1,118
  1,172
  1,229
  1,289
  1,352
  1,418
  1,488
  1,561
  1,638
  1,718
  1,803
Total liabilities and equity, $m
  1,097
  930
  966
  1,004
  1,044
  1,088
  1,134
  1,183
  1,235
  1,290
  1,347
  1,408
  1,473
  1,542
  1,613
  1,689
  1,769
  1,853
  1,942
  2,036
  2,134
  2,237
  2,345
  2,460
  2,580
  2,706
  2,839
  2,979
  3,126
  3,279
  3,441
Debt-to-equity ratio
  0.165
  0.180
  0.210
  0.240
  0.260
  0.290
  0.310
  0.340
  0.360
  0.380
  0.410
  0.430
  0.450
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.580
  0.590
  0.610
  0.620
  0.630
  0.650
  0.660
  0.670
  0.680
  0.690
  0.700
  0.710
Adjusted equity ratio
  0.507
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524
  0.524

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  89
  112
  116
  120
  124
  129
  134
  139
  145
  151
  157
  167
  174
  181
  189
  198
  206
  215
  225
  235
  246
  257
  269
  282
  295
  309
  323
  339
  355
  371
  389
Depreciation, amort., depletion, $m
  40
  42
  44
  45
  47
  49
  51
  53
  55
  57
  59
  58
  61
  64
  67
  70
  73
  77
  80
  84
  88
  93
  97
  102
  107
  112
  118
  123
  129
  136
  143
Funds from operations, $m
  139
  154
  159
  165
  171
  178
  185
  192
  200
  208
  217
  225
  235
  245
  256
  268
  280
  292
  306
  320
  335
  350
  366
  384
  402
  421
  441
  462
  484
  507
  532
Change in working capital, $m
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from operations, $m
  140
  155
  160
  166
  172
  179
  186
  193
  201
  210
  218
  227
  237
  247
  258
  269
  282
  294
  308
  322
  337
  353
  369
  387
  405
  424
  444
  466
  488
  511
  536
Maintenance CAPEX, $m
  0
  -37
  -39
  -40
  -42
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
  -61
  -64
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -112
  -118
  -123
  -129
  -136
New CAPEX, $m
  -78
  -17
  -18
  -19
  -21
  -22
  -23
  -25
  -26
  -28
  -29
  -31
  -33
  -34
  -36
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
Cash from investing activities, $m
  -78
  -54
  -57
  -59
  -63
  -65
  -68
  -72
  -75
  -79
  -82
  -87
  -91
  -95
  -100
  -105
  -110
  -116
  -122
  -127
  -134
  -140
  -148
  -155
  -163
  -171
  -179
  -189
  -197
  -207
  -218
Free cash flow, $m
  62
  101
  104
  107
  110
  114
  118
  122
  126
  131
  136
  140
  146
  151
  158
  164
  171
  179
  186
  195
  203
  212
  222
  232
  242
  253
  265
  277
  290
  304
  318
Issuance/(repayment) of debt, $m
  7
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
Issuance/(repurchase) of shares, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  5
  16
  17
  18
  19
  21
  22
  23
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  54
  57
  60
  63
  66
  70
  73
  77
Total cash flow (excl. dividends), $m
  63
  116
  121
  125
  129
  134
  139
  145
  151
  157
  163
  169
  176
  184
  192
  200
  209
  219
  229
  239
  250
  261
  273
  286
  300
  314
  328
  344
  360
  377
  395
Retained Cash Flow (-), $m
  -71
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
  -85
Prev. year cash balance distribution, $m
 
  168
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  267
  102
  105
  108
  112
  115
  119
  124
  128
  133
  137
  142
  148
  154
  161
  167
  175
  182
  190
  198
  207
  217
  226
  237
  247
  259
  271
  283
  297
  310
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  256
  93
  91
  89
  87
  84
  81
  77
  74
  70
  65
  61
  56
  52
  47
  43
  38
  34
  29
  25
  21
  18
  15
  12
  10
  8
  6
  4
  3
  2
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

PriceSmart, Inc., through its subsidiaries, is engaged in the international operation of membership shopping in warehouse clubs. In addition, the Company operates distribution centers and offices in the United States. The Company's segments include the United States, Central America, the Caribbean and Colombia. The Company owns and operates the United States-style membership shopping warehouse clubs in Latin America and the Caribbean. It offers private label consumer goods to individuals and businesses. The Company offers three types of memberships, such as Business, Diamond and in Costa Rica Platinum memberships. It promotes Business membership through its marketing programs and offers certain merchandise targeted to businesses, such as restaurants, hotels, convenience stores, offices and institutions. The Diamond membership is focused on individuals and families. The Company offers Platinum memberships in Costa Rica.

FINANCIAL RATIOS  of  PriceSmart (PSMT)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 0.9
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow 18.7
Price to Free Cash Flow 42.1
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.4%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 11.4%
Total Debt to Equity 16.5%
Interest Coverage 27
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 9.8%
Return On Total Capital 12.7%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 14.8%
Return On Equity - 3 Yr. Avg. 16.3%
Asset Turnover 2.8
Profitability Ratios
Gross Margin 15.7%
Gross Margin - 3 Yr. Avg. 15.9%
EBITDA Margin 6.1%
EBITDA Margin - 3 Yr. Avg. 6.3%
Operating Margin 4.7%
Oper. Margin - 3 Yr. Avg. 5.1%
Pre-Tax Margin 4.5%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin 3.1%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 32.8%
Eff/ Tax Rate - 3 Yr. Avg. 32.8%
Payout Ratio 23.6%

PSMT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PSMT stock intrinsic value calculation we used $2905 million for the last fiscal year's total revenue generated by PriceSmart. The default revenue input number comes from 2016 income statement of PriceSmart. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PSMT stock valuation model: a) initial revenue growth rate of 3.7% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for PSMT is calculated based on our internal credit rating of PriceSmart, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PriceSmart.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PSMT stock the variable cost ratio is equal to 94.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PSMT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5% for PriceSmart.

Corporate tax rate of 27% is the nominal tax rate for PriceSmart. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PSMT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PSMT are equal to 15.6%.

Life of production assets of 12.2 years is the average useful life of capital assets used in PriceSmart operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PSMT is equal to -0.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $638 million for PriceSmart - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 30.437 million for PriceSmart is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PriceSmart at the current share price and the inputted number of shares is $2.6 billion.

RELATED COMPANIES Price Int.Val. Rating
COST Costco Wholesa 192.73 185.29  hold
WMT Wal-Mart Store 97.11 73.54  hold
BIG Big Lots 53.97 51.40  hold
TGT Target 62.61 62.76  hold
FIVE Five Below 66.72 78.73  buy
FRED Fred's 4.00 1.94  str.sell

COMPANY NEWS

▶ PriceSmart Announces October Sales   [Nov-07-17 08:00AM  PR Newswire]
▶ ETFs with exposure to PriceSmart, Inc. : November 1, 2017   [Nov-01-17 12:33PM  Capital Cube]
▶ PriceSmart posts 4Q profit   [Oct-26-17 05:28PM  Associated Press]
▶ Dollar Generals Fiscal 2Q17 Earnings Overview   [Sep-05-17 01:27PM  Market Realist]
▶ Wall Street Continues to Be Neutral on Dollar Tree   [Sep-01-17 07:36AM  Market Realist]
▶ New Strong Sell Stocks for August 9th   [Aug-09-17 09:18AM  Zacks]
▶ PriceSmart Announces July Sales   [Aug-07-17 08:00AM  PR Newswire]
▶ Costco, PriceSmart: Good Companies, So-So Values   [Jul-11-17 03:00PM  TheStreet.com]
▶ Story Stocks from Briefing.com   [11:07AM  Briefing.com]
▶ PriceSmart posts 3Q profit   [Jul-05-17 09:09PM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Week   [Jul-02-17 02:41PM  Motley Fool]
▶ Key Takeaways from Dollar Trees 1Q17 Results   [May-30-17 12:02PM  Market Realist]
▶ PriceSmart Announces April Sales   [May-05-17 08:00AM  PR Newswire]
▶ ETFs with exposure to PriceSmart, Inc. : April 19, 2017   [Apr-19-17 02:31PM  Capital Cube]
▶ What Happened in the Stock Market Today   [04:52PM  Motley Fool]
▶ Story Stocks from Briefing.com   [11:12AM  Briefing.com]
▶ PriceSmart shares slip after earnings miss Street view   [Apr-06-17 04:16PM  MarketWatch]
▶ PriceSmart posts 2Q profit   [04:07PM  Associated Press]
▶ 3 Things to Watch in the Stock Market This Week   [Apr-02-17 03:31PM  Motley Fool]
▶ Week Ahead: The GOP Girds for Battle ... With Itself   [Apr-01-17 10:12AM  TheStreet.com]
▶ PriceSmart Announces January Sales   [Feb-07-17 08:00AM  Marketwired]
▶ PriceSmart Announces Semi-Annual Dividend   [08:00AM  Marketwired]
Financial statements of PSMT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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